The Rivian R1T is in the year 2022.
Rivian.
Rivian stock plunged as much as 17% Thursday, dipping below its IPO price, as the EV startup continued to reel from Amazon's new deal with Stellantis to purchase competing electric vans.
Rivian stock dropped as low as $75.13 on Thursday before recovering. At 11:20 a.m., shares were down 6.8%. Over the past month, they have lost 30%.
Amazon, one of Rivian's early backers and endorsers, had previously announced an order of 100,000 electric delivery vans from Rivian.
Amazon will be the first commercial customer of the Ram ProMaster electric van.
The multiyear cloud deal will see Amazon and Stellantis develop the STLA SmartCockpit software. Amazon has been named the preferred cloud provider by Stellantis to drive the efficiency of new electric vehicles.
The new deal shows that the e-commerce giant is willing to invest in a Rivian competitor, although it doesn't see the tie-up affecting the Rivian order.
"We always knew that our ambitioussustainability goals in our last mile operations would require multiple electric delivery van providers," said an Amazon spokesman in an email to CNBC. We are excited about our relationship with Rivian, and this doesn't change anything about our investment, collaboration, or order size and timing.
Rivian's market cap went past $100 billion in November, making it the most valuable company in the world, but it has since lost a lot of its value.
By the end of December, the electric vehicle maker had fallen more than 15%, and its first earnings report as a publicly traded company revealed production shortfalls. It had a net loss of over $1 billion and an adjusted operating loss of over $1 billion.
Business Insider has an original article.
